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Field of Study

Accounting

Level

Basic

Credits

3

Qualifies for

CPE

Overview

While there are around 27 million businesses in the United States, less than 1% are listed on a U.S. exchange. However, private entities also account for more than 85% of U.S. companies with greater than 500 employees. The wide disparity in the nature, size and complexity of private companies has led to the desire to create flexible accounting and financial reporting alternatives for private entities. The goal is to take cost-benefit considerations into account, while continuing to meet the needs of private entity financial statement users. This course will explore the accounting and financial reporting options available for private businesses, focusing on U.S. GAAP that has been influenced by the formation of the Private Company Council.

Learning Objectives

Describe the history of formation of the Private Company Council (PCC)

Explain real-world applicability of U.S. GAAP influenced by the PCC

Describe requirements of the accounting standards released as a result of PCC consensus, and how they differ from full U.S. GAAP

Identify major differences between private entity alternatives in U.S. GAAP and the AICPA’s special purpose framework also available as an accounting and financial reporting alternatives for private entities

Who should take this course:

Designed for:

Accountants responsible for preparation or fair presentation of financial statements for private entities, or attest service providers for private entities